In Q4 2024, Colorado Springs’ rental market showed a mix of moderate listing activity, rising rents, and high usage of concessions. While availability for most property types remained steady or showed high increases, one-bedroom units experienced the most significant uptick in listings. Rent prices continued to climb, especially for multifamily, one-bedroom and two-bedroom units, reflecting ongoing demand in these sectors. Days on market for rentals increased from earlier in the year, but still remained relatively in line with national averages. Concessions remained prevalent in the market, with over 40% of listings offering incentives, far exceeding the national average.
We asked property managers in the Colorado Springs area for insights into the market.
Key Takeaway: Colorado Springs property managers expect rents to remain stable over the next six months.
Data Summary:
Data Summary:
Deeper Diver: The Colorado Springs rental market remains largely stable, with most property managers (84%) expecting rents to stay the same over the next six months. While there is a slight expectation for rent increases (9%), the market is not seeing strong upward pressure. Additionally, leasing activity has softened, as 17% of property managers report fewer applications compared to previous periods. With most (78%) reporting steady application levels, demand does not appear to be growing significantly, which may suggest that renters are becoming more cautious or selective.
Key Takeaway: Concessions remained a significant factor in Colorado Springs' rental market, with listings offering incentives much more frequently than the national average.
Data Summary:
Deeper Dive: Concessions in Colorado Springs remained notably higher than the national average, with nearly half of the listings offering some form of incentive in Q4 2024. This is slightly down from a peak of 50% in Q2, but still well above the national norm of 28%. This suggests that while the market is relatively competitive, landlords are still relying heavily on concessions to attract tenants, especially in larger and multifamily units, where vacancy rates might be higher compared to smaller units.
Key Takeaway: Colorado Springs’ rental properties remained on the market for slightly longer than the national average, particularly for single-family homes.
Data Summary:
Deeper Dive: The rental market in Colorado Springs saw a slight increase in days on market by the end of Q4 2024. Multifamily units took longer, with an average of 27 days on market in Q4 2024. This trend indicates that while the market remains competitive, properties may take slightly longer to lease compared to national averages, possibly due to supply-demand mismatches or seasonal factors.
Key Takeaway: Rent prices in Colorado Springs continued to rise, with multifamily, one-bedroom and two-bedroom units seeing the most significant increases in Q4 2024.
Data Summary:
Deeper Dive: Rent prices in Colorado Springs showed continued upward momentum in most categories, especially for smaller units. The One-bedroom segment saw the largest increase, rising to $1,448 in Q4 2024, reflecting high demand for affordable units. The two-bedroom market also saw significant price growth, reaching $1,675. Larger units like three-bedrooms and single-family homes saw more stabilization in rental prices, with three-bedroom homes maintaining a $2,000 rent and single-family units holding at $2,095. Multifamily rents showed steady growth, reaching $1,574 in Q4.
Key Takeaway: Colorado Springs’ rental market showed overall stability in Q4 2024, with continued positive growth for smaller units, particularly one-bedrooms.
Data Summary:
Deeper Dive: While overall listing counts showed stability, one-bedroom units saw the most significant increase, up 14.1% in Q4 2024, signaling heightened demand for smaller, more affordable living options. The two-bedroom and multifamily sectors also showed strong growth at 6.8% and 10.7%, respectively. However, the three-bedroom segment showed only a slight increase of 0.7%, and the single-family market saw a minor dip of -1.1%. These trends suggest that while Colorado Springs' market is generally steady, there’s a clear preference for smaller units as demand for larger homes stabilizes.
Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. In the Colorado Springs market, MLS data was also included, courtesy of RSC. Rental Beast listing data covers a range of rental property types and owner types operating within the long-term rental market (generally considered to be leases with a minimum of three months). Single-family rentals are considered to be properties with 4 or fewer units. Multifamily is more than 4 doors. Unless otherwise noted, our analysis uses the Colorado Springs, CO, metropolitan statistical area (MSA) as the geographical unit.
Unique listings counts are based on rentals that were on-market at any point during the stated period. Rents are calculated based on these listings. Days on market (DOM) and concession analysis are based on these listings, with some data sources excluded due to DOM and concession info being unavailable or deemed to be unreliable. Concessions are incentives that entice renters to sign a lease (e.g., one month free, a gift card, etc.).
Our sentiment survey is based on phone conversations during Q4 2024 with rental building and community managers and property managers. Questions and answer choices:
DISCLAIMER. This report attempts to provide reliable and useful information; however, there is no guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Rental data used in this report are sourced and catalogued directly by Rental Beast, unless otherwise noted. Our analysis uses MSA as the geographical unit and is not reflective of all-U.S. measures. Information from this document may be used with proper attribution.©2025 by Rental Beast
